Welichem Biotech Inc. (TSX-V: WBI) has entered into an exclusive agreement with Stiefel, a GSK company, pursuant to which Stiefel has agreed to acquire the exclusive development and commercialization rights to Welichem Biotech’s novel anti-inflammatory agent, WBI-1001, in all territories in the world outside of China, Taiwan, Macao and Hong Kong.
Welichem Biotech will receive an initial payment of CDN $35 million and is eligible to receive additional payments upon achievement of certain clinical development milestones and upon commercialization in certain countries following marketing approval from the corresponding regulatory agencies.
Welichem Biotech has also granted Stiefel a conditional right to acquire further WBI-1001 exclusive rights in China, Taiwan, Macao and Hong Kong, for an additional payment of CDN $15 million.
WBI-1001 is a novel, non-steroidal, topical anti-inflammatory new chemical entity (NCE) agent that has demonstrated efficacy and safety in Ph1 and Ph2 clinical trials for the treatment of mild to moderate psoriasis and moderate to severe atopic dermatitis (AD) for up to 12 weeks as a single therapy.
WBI-1001 is currently in Phase II clinical development for the treatment of psoriasis and atopic dermatitis.
“Based on clinical results to date, we believe that WBI-1001 has the potential to be a first-line topical therapy for psoriasis and atopic dermatitis,” commented Dr. Liren Tang, President & CEO of Welichem Biotech, “As a leader in dermatology products, Stiefel has the clinical development and commercialization capabilities to bring this novel product to these patients around the world.”